Sheffield’s Gleeson ups H1 revenue 22% to £173m

Sheffield-based affordable house builder MJ Gleeson plc said on Thursday its revenue rose 21.7% to £173.5 million and profit before tax was up 21.7% to £24.7 million in the half year ended December 31, 2021.

Gleeson declared a 6p interim dividend, up from 5p.

Gleeson said its Gleeson Homes division reported 932 homes sold, up 14.9% on the pre-Covid half-year to December 31, 2019, with 55% bought through Help to Buy, down from 69% last year.

Average selling price was up 14.7% to £161,200.

MJ Gleeson CEO James Thomson said: “The group performed strongly during the first half and this result, and indeed our performance throughout the pandemic, is evidence of the underlying strength of the business. 

“We expect Gleeson Homes to deliver 2,000 homes this financial year and Gleeson Land to complete further sales in the second half of the financial year.

“Consequently, in the absence of any further Covid-19 or supply chain related disruption, the Board is confident that results for the full year to 30 June 2022 will be ahead of market expectations.

Demand for our much-needed affordable homes continues unabated. 

“Meanwhile, a focus on investing in our people, organisational structure, training and processes means that the business, supported by a robust financial position, is operationally and structurally very well positioned to achieve further controlled growth. 

“We expect to announce our next medium-term strategic targets at the time of the full-year results.

Working in cooperation with local and national government to ensure the continued delivery of low-cost affordable homes for first time buyers, we can look to the next stage of the group’s development with confidence.”

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